IDBI Bank Limited (IDBI) Stock - Complete Technical Analysis - Sep 16, 2024

IDBI Bank Stock Analysis: Key Support & Resistance Levels for September 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. IDBI Bank Limited (IDBI) is currently trading at 93.6, positioned 13.24% below its 52-week high of 107.9 and 57.33% above its 52-week low of 59.5.

The technical indicators offer a mixed perspective. The RSI is in a neutral zone, suggesting that the stock is neither overbought nor oversold. The Stochastic %K is also neutral, indicating stable momentum. However, the Stochastic RSI Fast is high, which could signal that the stock is overbought, potentially leading to a price correction.

The MACD is negative, reflecting a bearish trend, while the Momentum is also negative, indicating a recent decline in price momentum. The Commodity Channel Index and Awesome Oscillator are both negative, reinforcing the bearish outlook. The Williams Percent Range is in a mid-level position, showing neither strong buying nor selling pressure.

Support levels are likely around the Exponential Moving Averages and Simple Moving Averages, especially at the 50-day EMA and SMA, which typically provide strong support. Resistance could be encountered near the Volume Weighted Moving Average and recent highs.

The Inside Candle pattern from September 13, 2024, shows that the stock traded within a specific range, indicating potential consolidation or indecision. Traders should be cautious of this pattern as it might precede significant price movement.

In summary, IDBI Bank Limited is exhibiting a bearish trend overall, with potential support around the lower moving averages and resistance near recent highs. Traders should watch for any breakout or breakdown from the current range for potential trading opportunities.